Taxes Consolidation Act 1997 Schedule 14 paragraph 1

Interpretation

Paragraph 1 sets out how the term "premium" is to be interpreted for the purposes of Schedule 14 and establishes when a payment made in connection with the granting of a tenancy is treated as a premium.

• "Premium" includes any like sum, whether it is payable to the immediate lessor or to a superior lessor.
• Any sum (other than rent) paid on or in connection with the granting of a tenancy is presumed to have been paid as a premium.
• The presumption can be displaced where it is shown that other sufficient consideration was given for the payment.
• The terms "lease", "lessor", "lessee" and "rent" take the meanings given to them in section 5 for the purposes of the Capital Gains Tax Acts.